Weekly Price Update Report - Week 30, 2018
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Energy Market ReportsWeekly Price Update Report - Week 30, 2018

Weekly Price Update Report - Week 30, 2018

Ian Mckenna

by Ian Mckenna 23 July 2018

Report Summary:

Oil price has a calming effect


NBP Natural Gas & GB Power Market Movement

On Monday, prices rose despite oversupply and a 4.63% decline in the oil price, but those gains were corrected on Tuesday: temperatures were expected to rise further during the week and an LNG vessel was due to arrive at the end of the week. Maintenance at the Nordstream gas pipeline - which directs supply of Russian gas to Germany - started but this didn't have too much of an adverse bearing on prices that day. 

A large bearish driver during the week was the oil price.  Falls in the oil market came as investor worries shifted from shortages to surplus with Libyan production continuing to ramp up and expectations that output from 7 major US shale producers will hit record highs.  The main bullish driver for prices mid-week were outages in Norway. Markets were mixed on Thursday with some contracts edging down on oversupply, but falls were cushioned by a continued outage at a Norwegian gas field.  By Friday, prices settled mostly lower compared to the previous Friday.

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